Due to the constantly changing and increasing demands of people, enterprises can only adapt to the constantly changing needs of consumers by continuously improving their products, adding features and functions, enhancing product quality, and improving appearance, packaging, and decoration. [1] For example, the invention of electric lights, the upgrading of car design, the innovation of dietary habits, the addition of dandruff removal function to shampoo, variable frequency air conditioning, and so on. In addition, subprime mortgages in the United States are also part of financial product development, and even if they fail, they still fall within the scope of product development.

Product development should choose product styles that can adapt to and meet customer needs, while also being designed and developed products. Product development can bring profits and benefits to enterprises, enabling them to maintain a competitive advantage in the market.

Product development not only refers to the production of new products, but also to the improvement of new products.

The selection of products should consider the following factors:

1. The market potential of the product;

2. The profitability of the product;

3. The competitiveness of the market comprehensively considers the capacity of the market, whether the designed and developed products can have competitive advantages, and the competitive weaknesses of the market, selecting products that are conducive to leveraging the core technological advantages of the enterprise for design and development;

4. The available resource conditions should consider the materials, processes, convenience, economy, and environmental friendliness of the products developed and designed;

5. Taking into account the current level of technology and production capacity, fully consider whether the designed product can be produced, whether it conforms to its process, and whether it can be produced using the existing production capacity. If the designed product does not consider its craftsmanship and production capacity, the designed product can only be a "paper talk";

6. Distribution capability, sales channels, and market service capability;

7. National policies, laws and regulations, etc.